C.P.D. NET PROFIT UP

Press, Volume CVI, Issue 31139, 16 August 1966, Page 19

C.P.D. NET PROFIT UP

Earning Rates Higher (N.Z. Press Association! WELLINGTON, Aug. 15. Accounts of Cable Price Downer, Ltd., mechanical and civil engineer, Wellington, confirm that consolidated net profit for the year to March 31 was £473,656, against £351,097 the year before, an increase of 35 per cent. Earning rate on ordinary shareholders’ funds is up from 10.5 per cent to 12.9 per cent and earning rate on ordinary capital is up from 17.7 per cent to 21.2 per cent. Group turn-over for year rose 20 per cent to £15,569,817. Latest result is after £453,392 (£385,321) for depreciation and £468,725 (£336,892) for tax. Hire Purchase

It is also after transferring £88,564 to provision for unearned profit on hire purchase transactions. This provision is now £153,728. Preference dividends take £25,583 and ordinary dividend, raised from 9 per cent to 10 per cent, takes £187.803 B ordinary dividend of lj ner cent takes £8216. These B shares were issued last year subject to a dividend limitation of 3J per cent per annum for four years.

They ranked for their first half-yearly dividend for the six months to March 31 last.

During the year, paid ordinary capital was increased by £469,508 to £2,347,539 by the issue of the B shares.

OFFER FOR CHEVRON

R. W. Miller Withdraws (N.Z. Press Association) SYDNEY, Aug. 15. The R. W. Miller brewery group has withdrawn from the bidding to acquire the Sydney Chevron Hotel. “We are finished with the Chevron,” Mr R. W. Miller, chairman and managing director of the bidding company, said. Mr Miller said his company had altered the terms of its original offer, but this was not acceptable. The original R. W. Miller bid was 1.2 m dollars cash and Im R. W. Miller 50-cent shares. This was equal to a total of 2,830,000 dollars using the share-market value for the Miller shares on recent sales at 163 cents. Mr Miller has maintained that the shares are worth 200 cents each.

D.1.8.A. Again Lifts Profit

(N.Z. Press Association) AUCKLAND, Aug. 15. Dominion Investment and Banking Association, Auckland, has increased its profit for the tenth successive year. Profit for the year to June 30 was £2198, or 9.3 per cent, higher at £25,899, representing an earning rate of 6.8 per cent on shareholders’ funds of £379,072. Income was £1279 higher at £38,880, and expenses, including depreciation, £919 lower at £12,981. During the year, total amount standing to the credit of depositors fell £45,134 to £309,743.

M. Holdings Sales Rise

(N.Z. Press Association) AUCKLAND, Aug. 15. Sales of Motor Holdings, Auckland motor group, had continued to increase in the first part of the current year, the chairman, Mr J. N. Turner, told the annual meeting today. The recently acquired new interests had been welded into the business, achieving the diversification policy. Further extensions of new activities were under consideration he said.

Pound Again Variable

Varied reaction to the pound was again in evidence last week, according to the latest exchange rates released yesterday by the Bank of New South Wales. The pound again softened against the United States dollar, but the move was marginal compared with a week ago, while some ground was gained on the Canadian dollar. Fractional moves in favour of sterling were made by the Austrian schilling and Belgian and Swiss francs.

A.M.P. Dividend.— Australian Paper Manufacturers is to pay a final 5.5 per cent dividend for the six months to June 30. making 9 per cent for the year, payable October 31. Last year's Interim was 3 1-3 per cent and final at 4 5/12 per cent.—(P.A.).

C.M.I. Profit.— Commonwealth Mining Investments (Aust.), in a preliminary statement for the year to June 30 shows net profit at 938,700 dollars, an increase of 71,426 dollars on last year, after 49,826 dollars less for tax at 69,174 dollars.—(P.A.).